Questions and Answers for the RFP – Banking Services
All Accounts.
Monthly average number of cheques deposited.274
Monthly average number of other items deposited.66
Monthly average number of credits.340
Monthly average number of debits.2
Monthly average cash deposited.$11,072
Monthly average coin deposited.$7.00
Average number of merchant credits and debits.112
Average number of County made monthly bill payments.30
Combined average monthly balance.Historically $7.0M. Planning for $2.5M with cash management.
Estimated annual US dollar volumes.$360K max, $10K min.
Future US exposure.$10K
Have we hedged US FX in the past?No.
Monthly acceptance of online banking, tele-banking, and in-branch payments.We accept all three methods. $402,350/month with 250 transactions/month
Number of bank deposits made monthly.22
Number of direct deposits made monthly.15
Number of tax payments made monthly through the tax payment and filing system.TIPPS = 1709,
Accounts Receivable Pre-authorized Debit = 11
Cash Management.
Do we have Remote Deposit Capture? No.
Do we have wire payments?Yes.
How many EFT agreements do we have for payables/receivables?Payables = 395Receivables = 60
How many individuals require access to online banking?Twelve employees.
Merchant Services.
How are debit/credit cards used? (permits, licenses, taxes).Debit for permits, taxes & sales. Credit cards for permits & inventory sales.
How many locations will process debit/credit card payments?One location. POS terminals needed? One wired terminal.Short or long range wireless terminals?No wireless.
Annual volume at each location:
Visa/MC Annual946Average per transaction$370Largest transaction size$5,000
Interac/Debit Annual400Average per transaction$536Largest transaction size$5,000
Do we process online payments? How much and what for?Online payments are accepted through bank portals, but the County does not have its own e-commerce ability. Payments are accepted for permits, taxes, and sales.
Are payments accepted both in-person and online?Yes. However, online payments are only available through bank portals.
Credit Requirements.
How much of the $5.0M line of credit does the County estimate will be utilized annually?None. The line of credit is strictly for emergency fund purposes.
Do we require standby letters of credit? No.
Other.
Do the County’s employees benefit from utilizing a personal group banking offering?This is not tracked but has been offered in the past.